The Time Warner CEO has taken music merger talks with EMI off the “fast track,” according to sources, and is now expected to field a variety of offers for the media giant’s music division.

As recently as two weeks ago, sources involved in the talks said that a deal with EMI was moving ahead and predicted that an announcement was imminent. Talks are still progressing, sources say, but at a slower clip.

Sources close to EMI said the company executives are happy with the pace of the Warner negotiations.

At the same time, Time Warner and BMG executives recently began meeting again – after spending all summer trying to ink a deal for a 50-50 joint venture – according to a source close to the talks.

Those discussions had broken off in early September after the two sides failed to agree on management control.

About two weeks ago Bertelsmann – BMG’s parent – had considered putting out a statement saying that talks were over between them and Warner, but ultimately decided to hold out hope for restarting the discussions, sources say.

Time Warner is also expected to hear offers from private equity groups. And it recently held meetings with Edgar Bronfman Jr. about selling him the entire division – recorded music plus Warner’s music publishing outfit, Warner Chappell – sources say.

Time Warner has successfully reduced its massive debt load this year through asset sales, and Parsons now has the luxury of taking his time and considering an array of eager suitors.

“A deal will get done with whomever Dick Parsons wants to do it with,” said one source familiar with the matter.

Earlier this year Time Warner sold off the company’s CD/DVD manufacturing unit for about $1 billion. Parsons is close to beginning a formal auction process for Warner Chappell, which some say is worth close to $1.2 billion.

Spokespersons for Time Warner, BMG and EMI declined comment.

EMI has proposed to buy 75 percent of Warner Music’s recorded music division for about $1 billion in cash and up to $600 million in stock. Warner would keep a 25 percent stake in the new company.

It is unclear why Parsons has slowed down those talks, but one reason, sources say, is hesitation at accepting EMI shares as part of the deal.

Many still expect Warner to eventually do a deal with EMI, and cite Parsons’ close relationship with EMI Chairman Eric Nicoli as a factor spurring those talks.

The deal would also make more financial sense for Warner than going with a private equity group, because an EMI deal is expected to yield as much as $300 million in cost savings, sources note.

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SLOWDOWN

Dick Parsons’ Warner Music – home to Madonna, Missy Elliott and Kid Rock – has put the brakes on merger talks with EMI. Recently a deal seemed imminent.